VANCOUVER, March 28 /CNW/ - Cadillac Mining Corporation (TSXV:CQX) is pleased to announce the results of a four-hole 780-meter December 2007 diamond drilling program on the Tuzo Creek molybdenum prospect located near the town of Beaverdell in the West Kettle Valley, south-central British Columbia.
Cadillac management is particularly encouraged by DDH TZ07-04 which returned molybdenum mineralization over its total length of 173 meters, and bottomed in mineralization. The hole averaged 0.038% Mo over 170 meters, including 48 meters from 59 to 107 meters at 0.074% Mo. The 2008 follow-up drilling program is currently in the planning stage.
Molybdenum mineralization at Tuzo Creek was discovered in 1962 when minor molybdenite was recognized in surface showings. Apart from 15 shallow pack-sack drill holes, the property had been tested by only five diamond drill holes prior to Cadillac's current initiative. All earlier drilling was conducted by Amax Exploration who held the claims from 1964 to 1991.
Detailed mapping of the prospect in the mid-1960's, part of a Masters level thesis, identified a zoned alteration complex measuring more than 1600 meters along strike and about 500 meters in width. Surface mineralization consists of disseminated, stringer and fracture-fill sulphides grading outward to a hematite dominated halo. Alteration related to an early Tertiary (Eocene) porphyry stock includes argillization, silicification, and potash metasomatism.
All Cadillac and Amax drilling, which extends over 700 meters in a roughly east-west trend, shows elevated molybdenum mineralization. Potentially economic grades were intersected primarily near the eastern margins of the mineralized system in Cadillac's DDH TZ07-04 and in the adjacent DDH 81-5 drilled by Amax in 1981. Mineralization occupies a broad zone of brecciation and related patterned fractures carrying fine molybdenite in gray quartz and as fracture fillings. This style of mineralization is similar to that of the better molybdenum prospects in British Columbia, and is nearly identical to that reported at Hi Ho Silver Resources' Carmi deposits located some 16 km to the north of Tuzo Creek.
The lower third of drill hole TZ07-03 intersected 103 meters of strongly mineralized breccia carrying significantly elevated zinc values (0.33% Zn) and unusually strong pyrite as stringers and disseminations (average 6% over-all). Zinc is often found peripherally to molybdenite deposits in British Columbia and the exceptionally high pyrite levels suggest proximity to a center of hydrothermal activity.
The attitude, geologic constraints, and size of the zone cannot be determined from available data, and mineralization is effectively open in all directions. Cadillac plans limited IP surveys in the Spring to determine the shape and extent of sulphide mineralization to assist in the targeting of further drilling in 2008.
The following table summarizes significant results of holes TZ07-01 through -04 and includes results obtained in the Amax hole drilled in 1981.
Selected Analytical Results
Location data in UTM; Nad27 Zone 11
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From (m) To (m) Interval (m) Mo (%)
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DDH TZ07-01
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UTM E345287 N5470862; Inclination -90; TD 166.8m
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Scattered elevated molybdenum values
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DDH TZ07-02
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UTM E345050; N5470840; Inclination -90; TD 151.5m
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7 10 3 0.103
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19 24 5 0.038
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39 46 7 0.041
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95 104 9 0.047
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117 127 10 0.060
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DDH TZ07-03
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UTM E344970; N5470670; Inclination -90; TD 306.1m
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3 9 6 0.067
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214 220 6 0.090
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Includes 103m averaging 0.33% Zinc with elevated Copper, Lead and Silver
values
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DDH TZ07-04
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UTM E345420; N5470880; Direction 340; Inclination -50; TD 173m
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3 173 170 0.034
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Includes 7 9 2 0.063
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and 59 107 48 0.074
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and 62 77 15 0.094
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and 115 121 6 0.079
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DDH 81-05 (Amax 1981)
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UTM E345420; N5470890; Inclination -90; TD 765m
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36.6 70.1 33.5 0.060
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Includes 54.9 70.1 15.2 0.096
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and 61.0 70.1 9.1 0.114
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and 61.0 64.0 3.0 0.168
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76.2 82.3 6.1 0.036
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Maps, sections and a more detailed description of the geological environment will be posted on the company's website shortly.
The Company can acquire a 100% interest in the 1746-hectare property by paying the claim owner and the current optionee an aggregate of $90,000 and 1,100,000 Cadillac shares over a two-year period. The agreement is subject to a 2% production royalty that can be purchased for $1,000,000. Cadillac has made an initial $20,000 payment, and has issued 300,000 shares.
Andre J. Audet, P.Eng, Vice-President Exploration, is the Qualified Person who has reviewed and verified the technical information detailed in this release.
Cadillac Mining Corporation is a junior resource company focused on the acquisition, exploration and development of precious and base metal mineral properties across Canada. Current activities include properties near Rouyn-Noranda, Quebec and a growing number of projects in British Columbia.
Statements contained in this release that are not historical facts may be "forward-looking statements". Such statements are subject to risks and uncertainties and other factors which may cause actual developments or results or level of activity or performance to vary materially from those projected by Management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release, which has been prepared by Management.
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